by The Injection port market is estimated to be valued at US$ 1.36 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection ports are medical devices usually made of polymers such as polycarbonate and silicone rubber that have openings to allow injection of drugs, fluids or administration of other medical components through them. They provide an easy to access connection point to intravenous lines and medical bags which aids in efficient drug delivery and improves patient convenience and safety.
Market key trends:
One of the key trends propelling the growth of the injection port market is the innovation in drug delivery technologies to make delivery more targeted and convenient. There is a rise in demand for wearable and portable drug delivery devices which use injection ports for administering drugs, vaccines and other medications through the skin. Technologies such as implantable ports, elastic polymer ports and microneedles are gaining traction. Their small size, connectivity to smart devices and self-administering nature through injection ports is driving their adoption. Furthermore, the increase in number of chronic diseases globally is also fueling the need for easy to use drug delivery solutions and boosting the demand for injection ports.
Porter’s Analysis:
Threat of new entrants: The injection port market has high barrier to entry due to technological expertise, certification and compliance requirements which makes it difficult for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate as the injection port industry is fragmented with presence of numerous global and local players providing buyers with variety of options at competitive pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many suppliers for raw materials used in manufacturing injection ports like glass, plastic etc. This prevents any single supplier charging high price.
Threat of new substitutes: There exists limited threat of substitution as injection ports have developed as standard products and necessity for drug delivery and administration in pharmaceutical and medical sector.
Competitive rivalry: High due to presence of global and local established players focusing on innovation, quality and meeting stringent regulatory standards.
SWOT Analysis:
Strength: Injection ports offer safe, effective and sterile drug administration. Technological advancements help ensure product integrity.
Weakness: High R&D and infrastructure costs involved. Stringent regulatory approvals and material selection criteria raises compliance challenges.
Opportunity: Growth in biologics and injectable generics drives demand. Rise in chronic diseases and geriatric population promotes self-administration.
Threats: Product recalls affect brand image. Fluctuating raw material prices and trade policies impact costs.
Key Takeaways:
The Global Injection Port Market Growth is expected to witness high, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases and rise in generic injectable drugs. North America region currently dominates the market share due to presence of major pharmaceutical companies and is expected to continue its dominance during the forecast period.
Regional analysis:
North America dominates the global injection port market with around 45% revenue share in 2023 due to increasing biologics R&D, healthcare expenditure and availability of technologically advanced products in the region. Asia Pacific is expected to be the fastest growing region exhibiting a CAGR of around 8% during the forecast period driven by improving healthcare infrastructure, growing medical tourism, and expansion of local pharmaceutical companies in the region.
Key players:
Key players operating in the injection port market are West Pharmaceutical Services Inc., Berry Global Inc., Sartorius AG, Corning Inc., Gerresheimer AG, SCHOTT AG, Stevanato Group, AptarGroup Inc., SGD Pharma, Ompi – Stevanato Group, DWK Life Sciences, Nipro Corporation, Nolato AB, Terumo Corporation, Qosina Corp.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
